Gold (XAUUSD) is consolidating within a range ahead of nonfarm payrolls

XAUUSD prices are consolidating within a narrow range near the 2,650 USD level as market participants await US employment statistics. Find out more in our XAUUSD analysis for today, 6 December 2024.

XAUUSD forecast: key trading points

• Market focus: market participants await US labour market data, with nonfarm payrolls and the unemployment rate due today
• Current trend: consolidating within a range
• XAUUSD forecast for 6 December 2024: 2,700 and 2,600

Fundamental analysis

XAUUSD prices continue to hold firmly above 2,600 USD. The asset appears poised to complete its correction and move towards annual highs. The US labour market statistics released during the American trading session could drive further price increases.

The data released by Automatic Data Processing Inc. (ADP) on Wednesday showed an increase of 146 thousand in US jobs, which was nearly in line with the forecast of +150 thousand.

The market awaits another batch of US employment statistics today: nonfarm payrolls (the economy is projected to show an increase of 200 thousand jobs) and the unemployment rate (projected at 4.2%). Better-than-forecast data will support the US dollar, likely extending the correction in the XAUUSD pair. Conversely, weaker-than-expected figures could trigger a return to Gold’s annual highs.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair has firmly secured above 2,600 USD, with prices now hovering around the 2,650 USD resistance level. With a breakout above this level, the asset will have the potential to rise to an all-time high of 2,790 USD within the long-term uptrend. Today’s US labour market statistics could drive further movements in Gold prices.

The short-term XAUUSD price forecast suggests that, after consolidating above 2,650 USD, the pair could continue its upward trajectory, with the nearest target being the 2,700-2,720 USD resistance area. However, a downward correction may resume if bears seize the initiative and establish themselves below 2,600 USD.

Summary

Gold (XAUUSD) is consolidating around 2,650 USD. Today, the market will focus on US employment data – nonfarm payrolls and the unemployment rate – which could drive further movements in Gold prices.